A divorce is never easy—dividing assets in a divorce can be downright hard. But things get even more complicated when one or both spouses owns a business. If your marriage is headed for a divorce, you might wonder exactly what happens to your business during the process. In Florida, it is vital to understand our state’s distribution laws when dividing assets. This includes businesses.
As our divorce lawyer in Hernando County, FL, can tell you, Section 61.075 of the Florida Statutes states that all marital property and assets are subject to “equitable distribution.” While this does mean that martial assets will be distributed fairly, it doesn’t necessarily mean that everything will be split right down the middle.
Martial assets are defined as assets that were acquired during the marriage. That means if your business was started during the course of the marriage, then your spouse may get up to half of its value. If you started your business before marriage, your spouse could still be entitled to a portion of the value. How much they are able to claim will depend on how much your business has increased in value during the course of the marriage and if your spouse contributed to the business during the marriage.